Vladimir Smerkis, the co-founder of the Telegram-based crypto project Blum, has been arrested in a sweeping crypto fraud investigation—casting a dark shadow over his past ventures and shaking the confidence of the Web3 community.

Following reports of his arrest on Friday, Blum was quick to respond with an official statement on X, distancing itself from Smerkis.

"We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project in any co-founder capacity."

The post concluded with a cordial yet distant statement, expressing appreciation for Smerkis’ previous contributions and wishing him well in future endeavors.

Has Fate Finally Caught Up With Smerkis?

According to local reports, Smerkis has been arrested on charges of fraud, a crime in Russia punishable by two to twelve years of imprisonment.

While the investigation is still ongoing, Russian news outlets speculate that the case may be tied to earlier ventures, including the defunct Token Fund and Tokenbox.

In 2017, Smerkis launched Token Fund, a crypto investment platform that offered users TKN tokens with promises of high returns. The fund raised around $8 million before shutting down abruptly in 2018—leaving investors empty-handed.

He later co-founded Tokenbox, which secured $7 million in funding. Its native token TBX was listed on two exchanges but quickly lost value and was ultimately abandoned.

Even his most recent project, Blum, hasn’t been immune to controversy. However, following the arrest, the team posted a reassurance to its user base, emphasizing that day-to-day operations remain unaffected and the project remains committed to its roadmap.

Blum is a Telegram-native crypto project integrating a decentralized exchange within Mini Apps, allowing users to trade tokens, earn rewards, and participate in airdrops—all within the Telegram ecosystem.

No Smerkis, No Airdrop?

Smerkis’ arrest has sparked concerns over Blum’s upcoming token airdrop, a major milestone for the project that has been eagerly anticipated by its community.

Blum had earlier announced plans to list its native BLUM token in Q3 2025. Users can earn the token by accumulating Blum Points through its gamified Drop Game—where players tap on falling snowflakes to score points.

These points are slated to be converted into tokens during the token generation event.

However, the arrest has introduced uncertainty around the token launch. Some community members now doubt whether the airdrop will proceed as planned.

Crypto influencer RK Gupta shared his frustration on X:

“No airdrop. No updates. Just silence. Was it all for nothing?”